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Rivian valued at over $100 billion in debut, after world’s biggest IPO of 2021

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By Noor Zainab Hussain and Ben Klayman (Reuters) -Shares of Rivian Automotive Inc surged as much as 53% in its Nasdaq debut on Wednesday, giving the Amazon-backed electric vehicle maker a market valuation of more than $100 billion after the world’s biggest initial public offering this year. Rivian shares closed at $100.73, marking a nearly 30% jump from its offering price. That made Rivian the second most valuable U.S. automaker after Tesla Inc, which is worth $1.06 trillion. Despite just having started selling vehicles and having little revenue to report, Rivian ranked ahead of General Motors…

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